After making significant move from the low made in June, the market has rallied more than 2000 points. However the previous week, the index moved in a relatively limited range of 300 points. 17500 on the upside looks like an immediate resistance and 17200 on the downside seem to be the support. The current week being a truncated trading week, we can anticipate the market to remain sideways , and testing the patience of traders looking for a breakout. However if the breakout indeed comes then it can catapult the market closer to 17700-17800 levels. Important levels for the day and week are given below
Bullish above 17480
Possible Upside targets - 17530/17580/16660/17730
Bearish below 17440
Possible Downside targets - 17360/17320/17280/17210
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.
Bullish above 17480
Possible Upside targets - 17530/17580/16660/17730
Bearish below 17440
Possible Downside targets - 17360/17320/17280/17210
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.